Individual Mandate Costs Explained
Scenario 1: Individual Mandate Upheld
According to an Urban Institute analysis, about 8% of the total population, or 26.3 million uninsured Americans will be required to get health insurance coverage or pay a penalty. With the individual mandate in place, here's how the study breaks that number down:
- About 8.1 million will be eligible for free or close to free health insurance through Medicaid or CHIP and can avoid mandate penalties if they exercise those options.
- Another 10.9 million will be eligible to purchase subsidized nongroup coverage through health insurance exchanges (HIX) to meet the coverage requirements.
- That leaves only 7.3 million or 3% of the total population that will be required to purchase insurance, but would not qualify for Medicaid or any subsidies under the ACA.
The catch is that is that although only a relatively small number would be affected by keeping the individual mandate requirement, "the overall benefit to the population would be large," explained the Urban Institute's Linda J. Blumberg in a press statement.
"Insurance markets would be more stable and the premiums for insurance that people buy themselves would be 10% to 20% lower than without a mandate."
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